Business infrastructure

A significant part of EU funds will go toward development and innovation

EUR 50 billion is available to Hungary in the EU budget period of 2021-2027, much of which will be spent on economic development and innovation.

László György, State Secretary for Economic Strategy and Regulation at the Ministry of Innovation and Technology, spoke in Miskolc about the expected use of resources in the next EU budget period.

He emphasized that Hungary may have the largest resources available in the next period of 2021-2027 and that subsidies must help enterprises to innovate both organizationally and technologically, as well as to increase their productivity and competitiveness, he added.

György also talked about the fact that economic performance will decline by no more than 5 percent this year, with a general government deficit of 7-9 percent of GDP, which is good in an international comparison. 

Despite the crisis caused by the coronavirus epidemic, the medium-term outlook for the Hungarian economy is already showing expansion. One of the foundations of the medium-term economic forecast is that the current crisis, unlike the recession of 2007-2008, is not a structural one but rather one of confidence, he said.

Speaking about the government’s economic protection action plan, he said that more than HUF 500 billion has been allocated as investment incentive support since the announcement of the emergency measures. According to the secretary of state, all means and solutions are in place to avoid having to close the economy as they had to do in the spring.

Katalin Csöbör, Member of Parliament for Miskolc, said that the EU budget for the period 2021-2027 also includes a recovery plan. Shortly after the stabilization of the economy, the country should return to a growth trajectory, and Borsod may be one of the engines of that development, she noted.

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